NewEdge Signal Solutions, Inc. Closes $6 Million Private Placement Offering
Pure-Play Mobile Wireless RFFE Infrastructure Company Completes Financing
BOSTON, July 24, 2018 /PRNewswire/ -- NewEdge Signal Solutions, Inc., a designer and manufacturer of innovative Radio Frequency Front Ends (RFFE) for mobile wireless infrastructure, announced today that it has completed a $6.0 million private placement offering of the company's common stock. The financing included investments from the company's strategic partner, MTI Group, a Taiwan-based mobile communications technology manufacturing company, as well as members of the NewEdge Signal Solutions' senior management team. The offering consisted of the sale of approximately 3.3 million shares of common stock at a price of $2.00 per share, resulting in $6.6 million in gross proceeds to the company.
The financing was led by Jim Brewington, chairman of NewEdge Signal Solutions, who previously served as president of developing markets and mobility solutions at Alcatel-Lucent USA, Inc. Brewington was responsible for driving Lucent Technologies Inc.'s efforts to expand its business opportunities globally and for all wireless infrastructure in the mobility segment, including global wireless development and product architecture, project management and business, and product management.
"NewEdge is focused on disrupting conventional Doherty-based power amplifier technology by using its proprietary envelope tracking architecture and Si-based integrated circuits to produce innovative solutions, which will increase the RF front-end efficiency, versatility and signal quality of wireless infrastructure equipment. In addition, the company's tunable filter offering is redefining state-of-the-art performance for tactical radio communications equipment used around the world," said Dr. David McIntosh, founder and CEO of NewEdge Signal Solutions. "The proceeds from this offering will allow NewEdge Signal Solutions to scale its engineering and sales and marketing teams, while allowing us to respond effectively to tremendous market opportunities."
The NewEdge business model is asset-light and strongly supported by contract manufacturing, leveraging the capital investments and capacity of its strategic partner MTI Group to manufacture the company's line of tunable filters and radio frequency front end products.
Katalyst Securities LLC, a member of FINRA/SIPC, acted as exclusive placement agent for the best efforts private placement offering.
About NewEdge Signal Solutions
NewEdge™ is a high-tech RF solutions company that builds upon its unique patented envelope tracking technology to produce highly efficient and versatile RFFEs for the cellular infrastructure market. The company's product offerings enable manufacturers of mobile communications equipment to develop "dynamically adaptable (RFFE) RF front ends" for the mobile-wireless industry. Founded in 2011, NewEdge™ is located outside Boston, MA. For more information, please visit www.newedges2.com.
Microelectronics Technology Inc. (MTI) is a technology company specializing in wireless communications product development, manufacturing and global sales for more than 35 years. Based on its core competence in microwave and RF technology, MTI has established a leading position in the fields of microwave radios, satellite ODUs and receivers, mobile base station components and broadband wireless access products. With this excellent record of accomplishment, MTI has established long-term partnerships with the world's leading communication equipment providers. For more information, please visit www.mtigroup.com.
Statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management's current expectations and assumptions and are subject to risks and uncertainties. In some cases, you can identify forward-looking statements by terminology including "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," "will," "would" or the negative of these terms or other comparable terminology. Factors that could cause actual results to differ materially from those currently anticipated include, without limitation:
- risks relating to the results of our research and development activities, including uncertainties relating to semiconductor process manufacturing;
- our need for substantial additional funds in order to continue our operations and the uncertainty of whether we will be able to obtain the funding we need;
- our ability to retain or hire key scientific, engineering or management personnel;
- our ability to protect our intellectual property rights that are valuable to our business, including patent and other intellectual property rights;
- our dependence on third-party manufacturers, suppliers, research organizations, testing laboratories and other potential collaborators;
- our ability to successfully market and sell our technologies;
- the size and growth of the potential markets for any of our technologies, and the rate and degree of market acceptance of any of our technologies;
- competition in our industry; and
- regulatory developments in the U.S. and foreign countries.
In light of these risks, uncertainties and assumptions, the forward-looking statements regarding future events and circumstances discussed in this press release may not occur, and actual results could materially and adversely differ from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements included in this press release speak only as of the date hereof, and, except as required by law, we undertake no obligation to update publicly or privately any forward-looking statements for any reason after the date of this press release to conform these statements to actual results or to changes in our expectations.
THESE MATERIALS DO NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF ANY OFFER TO BUY, ANY SECURITIES OF NEWEDGE SIGNAL SOLUTIONS, INC., OR OF ANY OTHER ENTITY WHATSOEVER. ANY REPRESENTATION TO THE CONTRARY BY ANY PARTY SHOULD BE IGNORED.
SOURCE NewEdge Signal Solutions
Released July 24, 2018